Category: Estate Planning
For the first time in a decade, Congress has decided to seriously examine the burden the death tax — also known as the estate tax — places on grieving families and their small businesses and employees. Present law states that if a business owner passes away his or her heirs possibly only have to pay […]
The dictionary defines beneficiary as “the recipient of funds” — from a will, trust, retirement plan or life insurance. But that doesn’t begin to cover the details and the differences. Here are five things you need to know. The term “beneficiary” involves receiving assets from a wide variety of legal instruments, and many people get […]
Whether a family business is big or small, succession planning is important to avoid family feuding or damage to the business. Here are some tips for avoiding mistakes in succession planning. Will your business live on after you pass away? Many family businesses begin life as the dream of a driven founder who guides the […]
A bill in the General Assembly would treat individuals’ Facebook, Twitter, email and other online accounts the same as physical assets after death. By default, the law does not treat digital assets the same way that it treats physical assets. After a person passes away, physical assets become part of the estate. Executors and loved […]
“This family tried so hard to make sure they did with the tractors what their loved one most likely would have wanted — selling some and keeping the rest for the next generation. After Dave’s death, they found a list he had left, letting them know which tractors meant the most to him. That gave […]
Apple Inc (AAPL.O) Chief Executive Tim Cook is joining the roster of the very rich who are giving away their wealth. Yahoo Finance reports about this story in an article titled “Apple’s Tim Cook will give away all his money.” Cook plans to pay for his nephew’s college education and give everything else away. This […]
If figuring out the price of a car is tough, try setting up a trust. Published fee schedules offer some guidance, but since each firm includes different things, it’s like comparing poodles with pigs. The kind of deal you get depends on how much money you have, the complexity of the assets, and how badly […]
The recently deceased continue to exist on paper, and this may be the case for some time. Meanwhile, many bankable facts — key among them your Social Security number and personally identifiable information — are just sort of there in the form of “zombie” purchasing power. An identity thief can use that purchasing power to […]
If you are the spouse that handles the finances, take my advice seriously. Don’t frustrate yourself and cause your spouse unneeded stress. Do both of you a favor by finding a professional you trust and instructing them to guide your surviving spouse through the process once you’re gone. Does your family know what to do […]
Democratic Rep. Linda Sanchez offered a baffling defense of the death tax Wednesday during a hearing examining the sometimes unbearable burden it places on family farms and businesses. People receiving food stamps have to pass drug tests or meet work requirements to receive taxpayer dollars, Sanchez reasoned, so it’s only fair that those “lucky” enough […]
